The state-run Korea Development Bank and Korea Ocean Business Corp., the two largest shareholders of debt-ridden shipping company HMM, are seeking to sell their shares for at least 5 trillion won ($3.9 billion), according to industry sources Friday. The two organizations said they are selling a combined 40.65 percent controlling stake in HMM, together with perpetual convertible bonds worth 2.68 trillion won. A perpetual bond has no maturity date and can be converted into equity. From 2018 to 2

Industry July 21, 2023

Hyundai Motor Group said Thursday it has developed six kinds of nanotechnologies that will be key drivers of growth in future mobility, ranging from autonomous driving cars to software defined vehicles. Nanotechnology creates new materials by synthesizing or fabricate arrays of materials that are 1 billionth of a meter in width. “Only when we secure top level materials technology in mobility can we improve the performance and durability of car parts and vehicles which will offer a competit

Mobility July 20, 2023

Flooding due to monsoon rains in South Korea has resulted in dozens of casualties this week, raising the issue of vehicle safety during storms. Drivers need to take extra care and be vigilant to avoid getting trapped in submerged cars, according to experts. “It is recommended to reduce speed, almost by 20 percent of the speed limit to prevent the car from skidding on wet roads,” said Lee Ho-geun, a car engineering professor at Daeduk University. “Also, keep longer stopping di

Mobility July 19, 2023

South Korea’s top four chaebol groups are gearing up to secure supply chain resilience and salvage their global businesses from the rising geopolitical uncertainties reshaping industrial dynamics. From expanding their public affairs organizations to hiring seasoned ex-government officials, the conglomerates are coming up with measures to minimize the impacts of increasingly protectionist policies around the world, especially in the US and Europe. Their spending on lobbying activities has

Industry July 17, 2023

South Korean battery materials makers are expected to take up 75 percent of separator film production within North America and Europe by 2030, a report showed Monday. Of the Korean companies, SK IE Technology, an electronics materials maker affiliated with SK Group, is projected to control the largest market share of 33 percent with an annual production capacity of 380 million square meters of separators in the cited period, according to energy market tracker SNE Research. Battery separator fi

Mobility July 17, 2023

Hyundai Motor Group said Sunday its high-performance N brand has hit the 100,000 sales mark since its official launch in 2015. The brand’s six cars, including the very first i30 N and the recent Kona N, sold a total of 103,947 units globally as of the day. The South Korean auto giant offered an upbeat outlook for sales of the N brand, with the latest launch of the Ioniq 5 N -- the brand’s first full-electric car -- scheduled to make its commercial debut in September. Under the slogan

Mobility July 16, 2023

삼성SDI가 스텔란티스에 이어 제너럴 모터스(GM)와 인디애나에 두 번째 배터리 합작공장 설립에 나서면서 현지 내연기관 자동차 중심의 노동력을 첨단 제조 인력으로 전환하는데 중추적인 역할을 할 것으로 기대된다. 브래들리 체임버스 인디애나주 상무부 장관은 12일 코리아헤럴드와의 전화 인터뷰에서 “인디애나주에는 GM, 토요타 등을 포함한 5개 자동차 OEM사 공장의 풍부한 노동력이 있지만 대부분 내연기관 자동차 제조 인력에 치중돼 있다”며 “그들을 전기차 배터리 전문 인력으로 다시 양성해내는 과정이 필요한 상황”이라고 설명했다. 그는 또 “삼성SDI와 GM의 합작공장이 현지에서 새로운 종류의 고임금 제조 일거리를 제공함으로써 자동차 산업에서의 청정 에너지 전환을 앞당길 것”이라고 덧붙였다. 체임버스장관은 인디애나 주정부 역시 아이비 테크(Ivy Tech · 미국 전역에서 가장 거대한 규모의 인디애나 지역 대

한국어판 July 13, 2023

Samsung SDI’s recent joint venture deal with General Motors to construct an electric vehicle battery cell manufacturing plant in Indiana is expected to play a pivotal role in fostering a more advanced manufacturing workforce. “We’ve got five auto OEMs (original equipment manufacturers) (including GM and Toyota) in Indiana that give us tons of auto (workers). However, they are mostly focused on working on the production lines of internal combustion engine cars,” Indiana&rs

Mobility July 13, 2023

Hyundai Motor Group’s sister firm Kia said Tuesday it has tapped Pierre-Martin Bos, a commercial vehicle specialist, as the European chief of its burgeoning purpose-built vehicle, or PBV, business. PBVs refer to battery-powered cars designed to meet specific customer needs such as delivery, ride-hailing and business-to-business transactions. With 25 years of experience, Bos previously worked for Fiat and Stellantis, where he was tasked with handling sales and marketing of commercial vehicl

Mobility July 11, 2023

Hyundai Motor Group became the second-largest car brand in terms of sales in the US electric vehicles market in the first quarter of this year, data showed Monday. Following Tesla’s 336,892 units, Hyundai and its smaller affiliate, Kia, sold 38,457 units in the first half of this year, up by 11 percent compared to 2022, according to auto market tracker Motor Intelligence, cited by CNBC. Hyundai-Kia outpaced General Motors, which was second in EV sales during the January - June period last

Mobility July 10, 2023

Hyundai Motor Group has reportedly started discussions on its electric vehicle charger strategy as a growing number of carmakers are joining market leader Tesla’s own Supercharger network in the US, according to industry sources Monday. “I’ve heard that Hyundai Motor Group has been holding a series of emergency meetings to tackle the issue,” an industry source close to the matter told The Korea Herald on condition of anonymity. “The carmaker has been preparing to bo

Mobility July 10, 2023

LG Energy Solution said Thursday it has come to an agreement with the Canadian government on the conditions of subsidies for the construction of a joint battery plant for electric vehicles with Stellantis. Nextstar Energy, a joint venture between LG Energy Solution and Stellantis, signed the final contract for the battery production plant in the Canadian province of Ontario. Meanwhile, the federal and local governments agreed to offer subsidies equivalent to those provided under the US’ In

Mobility July 6, 2023

Volvo Trucks President Roger Alm visited South Korea to show the company’s commitment to cater to the fast-growing demand of electric commercial trucks in the nation’s logistics industry, the company said Wednesday. During a luncheon with corporate clients in a hotel in Seoul, Alm stressed the importance of the Korean market and pinned high hopes on its Korean unit in creating a strong foothold in the electric heavy-duty vehicles market. Aside from battery-powered trucks, the truckma

Mobility July 5, 2023

The number of ultra-expensive luxury cars priced at over 300 million won ($231,00) sold in South Korea has exceeded 6,000 units, a report showed Tuesday. As of April, 6,299 units of high-priced cars were registered nationwide, according to a report from Rep. Yang Kyung-suk of the main opposition Democratic Party of Korea, citing data from the Ministry of Land, Infrastructure and Transport. Vehicles priced between 300 million and 500 million won hit 5,006 units, while the ones priced at over 500

Mobility July 4, 2023

David Turk, deputy secretary at the US Department of Energy, visited the construction site of BlueOval SK in Stanton, Tennessee, a joint venture of SK On and Ford Motor Co., the South Korean battery maker said Monday. “BlueOval SK is a project that shows fantastic partnership among the US government, SK On, Ford and BlueOval SK,” Turk said during a meeting with SK On, Ford Motor and SK BlueOval executives and US government officials on Thursday. “I think this is a phenomenal

Mobility July 3, 2023